“UNDERSTANDING RERA 2016: A MUST-WATCH VIDEO FOR ASPIRING IBBI VALUATION PROFESSIONALS”
The Council of Engineers and Valuers (CEV) & CEV IAF RVO have released an informative video that delves deep into the Real Estate (Regulation and Development) Act, 2016 (RERA), making it an invaluable resource for anyone looking to enhance their knowledge in the real estate sector, especially for those preparing for the IBBI Valuation Examination.
Key Features of RERA 2016
RERA 2016 has been a game-changer for the Indian real estate industry, bringing much-needed reforms to ensure transparency, accountability, and consumer protection. The CEV Group’s video focuses on the critical features of the Act, such as:
- Registration of Developers and Projects: Mandatory registration with RERA for developers to ensure that their projects adhere to the prescribed norms and guidelines.
- Mandatory Disclosure: Developers are required to disclose all project details, including approvals, timelines, and clearances, offering a much-needed level of transparency to buyers.
- Timely Delivery of Projects: The Act stipulates that developers must deliver projects within the specified timelines, with penalties for delays.
- Consumer Protection: The law ensures the protection of consumer interests, with provisions for refund in case of project delays or non-compliance.
Regulatory Authorities Established Under RERA
The video further discusses the role of Real Estate Regulatory Authorities (RERA) at both state and national levels, which are tasked with implementing the provisions of the Act and ensuring compliance. Appellate Tribunals also play an important role in addressing grievances and disputes between developers and buyers.
Additionally, the Insolvency and Bankruptcy Board of India (IBBI) is crucial for the valuation processes under RERA. It has developed the framework to regulate and standardize the valuation practice across the country, ensuring that valuation professionals adhere to consistent guidelines and practices.
This video is essential for real estate professionals, developers, and valuation experts, particularly those preparing for the IBBI Valuation Examination. It offers a holistic understanding of RERA, its features, and the regulatory bodies in place to safeguard consumer rights.
